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Long-run determinants of the Irish real exchange rate

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Abstract:

Smooth adjustment to real exchange rate shifts is one of the major challenges facing the Irish economy under EMU. Rather than assume purchasing power parity, the long-run real exchange rate is modelled as time-varying, being determined by relative output levels, the terms of trade and the net foreign asset position. It is shown that these factors account for a large proportion of the long-run movement in the Irish real exchange rate.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840110036729

Publication date: March 20, 2002

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